Does Swyftx Report to the ATO?

Have you traded on Swyftx in Australia? The ATO already knows. Learn what Swyftx reports to the ATO and what the ATO knows about your Swyftx transactions.

Does Swyftx report to the ATO?

Yes, Swyftx may report to the ATO. As a registered Digital Currency Exchange (DCE) with AUSTRAC, Swyftx is required to verify the identity of its users (KYC) to help prevent scams and criminal activity.

Since 2019, the ATO has been running a data sharing program with Australian digital currency exchanges. Under this program, platforms like Swyftx must provide user transaction data to the ATO.

In some instances, you’ll get a prompt to report your Swyftx transactions within the prefilled section of your tax return, stating you have crypto disposals and may owe taxes.

Read next: Best Australian Exchanges

What does Swyftx report to the ATO?

The ATO works with selected data providers to decide what information is collected, so the exact details Swyftx shares aren’t publicly confirmed. However, based on ATO guidance, the personal data it may receive can include:

• Full name(s) and date(s) of birth

• Residential and mailing addresses

• Australian Business Number (if applicable)

• Email address(es)

• Phone number(s)

• Social media profiles

• Details from identity documents

• IP address used at sign-up

• Internal user ID

In addition to personal information, the ATO may also obtain transaction-related data from Swyftx, such as:

• Linked bank account details

• Connected crypto wallet addresses

• Transaction IDs, timestamps, asset types, and amounts

• Account balances in both crypto and fiat

• Transfer records and descriptions

• IP addresses associated with account activity

Read next: Can the ATO track crypto?

What does the ATO do with the information Swyftx provides?

The ATO uses data from exchanges like Swyftx to help ensure Australians are accurately reporting their crypto activity. This information may be used to:

• Identify individuals who should be declaring crypto on their tax returns

• Prompt or remind taxpayers about their reporting obligations when lodging returns online

• Cross-check tax return information against data received from Swyftx and other exchanges

How do I report my Swyftx taxes to the ATO?

Investors must report any gains, losses, or income from Swyftx to the ATO by October 31st each year as part of their annual tax return.

Capital gains and losses are included in the Tax Return for Individuals (Supplementary Section – NAT 2679), while crypto income is reported in the standard Tax Return for Individuals (NAT 2541). Alternatively, you can lodge your return online using the ATO’s myTax portal.

Swyftx doesn’t provide specific tax forms for Australian users, so the simplest way to manage your Swyftx taxes is with a crypto tax calculator like Koinly.

Read next: Australian Crypto Tax Guide

Report your Swyftx taxes with Koinly

Koinly makes it easy to report your Swyftx transactions to the ATO. You can sync your full transaction history by connecting via API or uploading a CSV file.

Once your data is imported, Koinly automatically calculates your capital gains, losses, and any crypto income. It then generates a ready-to-use myTax report, along with other helpful summaries, to streamline your ATO lodgement. Learn more about getting your Swyftx tax report with Koinly.